Indian market closed in the red for the fourth consecutive day in a row pushing the benchmark indices below crucial support levels.

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The S&P BSE Sensex fell over 2 percent while the Nifty50 was down by 1.8 percent for the week ended October 1.

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Sectorally, buying was seen in consumer durables, metal, healthcare, and Oil & Gas stocks while profit taking was visible in realty, telecom, finance and IT stocks.

Stocks that were in focus include Delta Corp Ltd that rose nearly 7 per cent, Gujarat Alkalies was up more than 9 per cent, and GMR Infrastructure closed with gains of over 7 percent. All stocks hit a fresh 52-week high on Friday.

Here's what Shrikant Chouhan, Head - Equity Research (Retail), Kotak Securities, recommends investors should do with these stocks when the market resumes trading today:

Delta Corp: Ride the momentum

After a strong uptrend rally from 165 to 245, the stock maintained its uptrend momentum with a higher high and higher low formation which is grossly positive for Delta Corp Ltd.  

The short-term structure on the charts is promising but due to overstretch rally, traders may take a caution stance near 290 -300 resistance level.

For the trend following traders, 265 would be the key support level, and as long as, the stock is trading above the same, the uptrend wave is likely to continue up to 300.

Further upside may also continue which could lift the stock up to 315. On the flip side, below 265-260, the uptrend would be vulnerable.

Gujarat Alkalies: Buy at current levels

On October 1st, the stock witnessed a volatile trading session. Despite weak market conditions, it rallied nearly 10 percent. The important point is -- it has been successful in clearing the resistance of 700 and succeed to close above the same.

On the daily and weekly charts, it has formed a robust breakout formation along with a strong bullish candle. In addition, modest volume activity post-breakout clearly supports further uptrend from current levels.

For the swing traders, 670-660 would be the key level to watch out for, and above that, the same breakout continuation formation will continue up till 775-800.

GMR Infrastructure: Stock in an uptrend

The stock is in a strong uptrend. After a breakout confirmation above Rs 35, it has been consistently forming higher high and higher low formation.

The texture of the charts suggests that the uptrend wave will continue in near future. For the trend following traders, 37.50 would be the sacrosanct support level.

The positive momentum is likely to continue up to 45-48 as long as it holds above Rs 37.50. On the other hand, a close below 37.50 could possibly trigger short-term correction till 35-33.50.

Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.